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1. Disinheriting the child. When a special needs child is disinherited, that child will need to depend on government benefits such as Medicaid and Supplemental Security Income (SSI). While these programs can be greatly beneficial, it is not wise to rely solely on them to provide security. Instead, establish a special needs trust (SNT) which [...]
Protections for the Community Spouse: Community Spouse Resource Allowance (CSRA): Minimum: $21,912 Maximum: $109,560 Increased CSRA: Permitted. New Jersey follows the income-first rule. Annuities: Actuarially sound annuities are not permitted. Monthly Maintenance Needs Allowance: Minimum: $1,821.25 Maximum: $2,739 Transfers: Average monthly cost of nursing home care: $6,655 Has a Long-Term Care Partnership program been implemented? [...]
1. Mistakenly thinking it’s too late to plan. Even after a person has moved to a nursing home it is not too late to plan. Our law firm can assess your situation and provide you with numerous options. 2. Transferring assets too early. Some think the solution is to simply give everything they have to [...]
When a child is born, many people purchase a life insurance policy for him or her. The parent is typically the owner and beneficiary of the policy, and many of these policies are known as industrial or debit policies. There were several purposes for these policies, namely to provide a death benefit, to add cash [...]
Medicare Medicare Part A covers up to 100 days of “skilled nursing” care per spell of illness. However, the definition of “skilled nursing” and the other conditions for obtaining this coverage are quite stringent, meaning that few nursing home residents receive the full 100 days of coverage. As a result, Medicare pays for only about [...]
The appointment of a legal guardian is something that’s not taken lightly
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year. Most people end up paying [...]
Conservatorship concerns only the conservatee’s financial matters when they need assistance.
When one spouse is a resident of a nursing facility or medical institution (the “institutionalized spouse”), but the other spouse continues to live in the community (the “community spouse”), the community spouse may take a number of steps to retain a maximum level of resources without jeopardizing the institutionalized spouse’s Medicaid eligibility.1 Medicaid is a [...]